Lately, we have been hearing a lot about cryptocurrency. What is cryptocurrency? Cryptocurrency is a digital asset designed to work as a medium of exchange using cryptology to secure the transactions and to control the creation of additional units of the currency. ( Andy Greenberg( 20 April 2011). “Cryptocurrency”. Forbes.com.
Cryptocurrencies are classified as a subset of digital currencies, also as a subset of alternative currencies and virtual currencies.
One of the example of cryptocurrency is Bitcoins, invented by Satoshi Nakamoto, is the first cryptocurrency invented.
Malaysia is again proven to be the first few countries in the world trying to “regulate” the digital currency by year end, 2017. In the meantime, the STAR on-line reported that several Singapore banks shut the accounts of several cryptocurrency firms signaling the concerns of banks.
This is a welcome move as the anonymous nature of cryptocurrency transactions has levied concerns of money laundering and tax evasion.
Bank Negara Malaysia Governor Tan Sri Muhammad Ibrahim said the Bank is looking into the cryptocurrency issue seriously as cryptocurrencies and initial coin offering are giving regulators all over the world sleepless nights!
As an example, Bitcoins was trading at US3,985 ( RM16,700) few days ago, down from a high of US4,979 in the beginning of the month.
Probably, this will pave the way for the usher in of the cashless society in the coming days. Already, bitcoin ATM was launched in the US on February 20,2014 and at present, there are already more than 1,500 bitcoin ATMs around the world.
Well, the future is here. Are we living at the dawn of civilization…